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WO WULFF GROUP PLC Interim Report | October 25 , 2021 at 9.30 A.M. WULFF GROUP PLC'S INTERIM REPORT FOR JANUARY 1 - - SEPTEMBER 30 , 2021 The acquisition boosted growth and the positive earnings trend continued July 1 - September 30 , 2021 IN BRIEF • • Net sales totalled EUR 24.2 million ( 12.4 ) , increased by 95.1 % EBITDA and comparable EBITDA were EUR 1.7 million ( 1.3 ) Operating profit ( EBIT ) and comparable operating profit ( EBIT ) were EUR 1.0 million ( 0.9 ) Earnings per share ( EPS ) and comparable earnings per share were EUR 0.10 ( 0.09 ) Wulff estimates that net sales will grow to more than EUR 90 million in 2021 ( EUR 57.5 million in 2020 ) , operating profit will grow significantly from the previous year , and comparable operating profit will remain at a good level in 2021 . January 1 - September 30 , 2021 IN BRIEF • Net sales totalled EUR 62.8 million ( 42.2 ) , increased by 48.7 % • EBITDA was EUR 7.7 million ( 3.7 ) and comparable EBITDA was EUR 4.0 million ( 3.7 ) Operating profit ( EBIT ) was EUR 6.2 million ( 2.4 ) and comparable operating profit ( EBIT ) was EUR 2.4 million ( 2.4 ) Earnings per share ( EPS ) was EUR 0.78 ( 0.19 ) and comparable earnings per share was EUR 0.23 ( 0.19 ) The equity ratio was 35.9 % ( 41.5 ) WULFF GROUP PLC'S CEO ELINA PIENIMÄKI " The transformation of working life is here now , and we at Wulff are ready to serve our customers in the new situation . We strongly believe that people look forward to returning to work and encounters , while multi - location and teleworking has become a permanent part of our daily lives . As a market leader in our field and as a multi - channel company , we reach comprehensively and personally companies of different sizes in different industries in our operating countries . We get real - time information about companies ' needs - and we can respond to them quickly . Our market position is strengthened , and growth and the positive development of profitability are supported by the acquisition of Staples Finland to the Wulff Group in May . We have implemented the measures to combine Contract Customers in a determined and prompt manner . As a result of the co - operation negotiations between Wulff Solutions ( formerly Staples Finland ) and Wulff Oy Ab , which ended in September , we have an efficient organization in Finland that focuses on sales and customer experience . Although it was necessary to terminate employment relationships to eliminate duplication , the Wulff family as a whole grew in Finland with new top professionals . We also gained new partners and customers . I am glad to be able to work with both familiar and new people , as well as people who are important to Wulff " . GROUP NET SALES AND PERFORMANCE In January - September 2021 , net sales totalled EUR 62.8 million ( 42.2 ) , and EUR 24.2 million ( 12.4 ) in July - September . Net sales grew by 48.7 % ( 2.3 ) in January - September and by 95.1 % ( 3.2 ) in the third quarter . The increase was driven by the acquisition of Wulff Solutions on May 3 , 2021. The sales of the Expertise Sales segment's hygiene and protective products decreased from the pandemic year 2020 . A price of EUR 6.0 million was paid for the acquisition of Wulff Solutions . The final acquisition price of EUR 6.0 million is less than the net assets of the company , approximately EUR 10.5 million , at the acquisition date of May 3 , 2021. The goodwill gain of EUR 4.5 million resulting from the completed acquisition has been recognised in other operating income . This negative goodwill recognition has been treated as a non - recurring item affecting comparability . F WO WO Wulff Group Plc Kilonkartanontie 3 , 02610 Espoo tel . +358 300 870 414 info@wulff.fi F F WO F 1890 WULFF F